North Valley Bancorp Explained

North Valley Bancorp
Industry:Banking
Fate:Acquired by Tri Counties Bank
Location:Redding, California
Revenue: $32 million (2013)
Net Income: $3 million (2013)
Assets: $917 million (2013)
Equity: $93 million (2013)
Num Employees:319
Footnotes:[1]

North Valley Bancorp was a bank holding company headquartered in Redding, California. The company operated 22 branches. The company was acquired by TriCo Bancshares in October 2014, in a merger valued at more than $178 million.[2]

History

In September 1972, North Valley Bank was established as a California-chartered bank. The company commenced operations in February 1973.[1]

In 1980, North Valley Bancorp was incorporated as the holding company for North Valley Bank.[1]

In 2000, the company acquired Six Rivers National Bank.[3] [4] [1]

In September 2004, the company acquired Yolo Community Bank for $23 million.[5] [6] [7] [1]

In June 2006, the company merged its two subsidiary banks: North Valley Bank and NVB Business Bank.[8]

In 2007, Sterling Financial Corporation agreed to acquire the company for $196 million in cash and stock, but the merger was cancelled after failing to win regulatory approval.[9] [10]

In October 2014, the company was acquired by Tri Counties Bank for $178.4 million in stock.[11] [12]

Notes and References

  1. Web site: North Valley Bancorp 2013 Form 10-K Annual Report . U.S. Securities and Exchange Commission.
  2. Tri Counties, North Valley banks merge . . February 19, 2014.
  3. Web site: Form 8-K Current Report . U.S. Securities and Exchange Commission.
  4. News: In Brief (four items) . . April 10, 2000.
  5. North Valley Bancorp and Yolo Community Bank Announce Merger . . April 26, 2004.
  6. News: North Valley Bancorp completes purchase of Yolo bank . . September 2, 2004.
  7. News: Woodland bank sells for $23M . Mark . Anderson . . May 2, 2004.
  8. News: North Valley Bancorp completes merger . Mark . Anderson . . July 5, 2006.
  9. News: North Valley Bancorp cancels merger . . December 3, 2007.
  10. News: North Valley ends merger agreement with Sterling Financial . Aniruddha . Basu . . December 3, 2007.
  11. TriCo Bancshares Announces the Completion of Its Merger with North Valley Bancorp . . October 3, 2014.
  12. TriCo Bancshares and North Valley Bancorp Announce Agreement to Merge . . January 21, 2014.